(EnergyAsia, May 23 2011, Monday) — Singapore Exchange-listed engineering firm PEC Ltd has reported a 19% drop in net attributable profit to S$28.6 million on revenue of S$305.4 million for the nine months ended March 31. (US$1=S$1.25).
Group revenue was 11% lower than the corresponding period for FY2010 due to the decrease in revenue from project works as a result of the lagged effect of fewer projects secured in FY2009.
Robert Dompeling, PEC’s group CEO, said: “The global financial crisis in 2008 caused major oil and petrochemical companies to delay and reduce their investments. This resulted in fewer projects secured by the group in FY2009/2010 and the effect of this is being felt currently.
“However, we are cautiously optimistic on our medium term prospects, especially in Singapore, Asia and the Middle East which are benefiting from the shift in investments by the major oil and petrochemical companies after the financial crisis.
“PEC is well-placed to become a significant provider of EPC and maintenance services in Asia and the Middle East. Our healthy balance sheet with a net cash of S$168.5 million as at end March 2011 helps when we bid for larger projects and allows us to seize good opportunities to expand our capabilities and product range.
PEC recently secured from Emirates National Oil Company Ltd (ENOC) LLC a contract to build a US$82.5 million storage terminal project in Dubai.